ICICI Lombard Q2 Net Profit Dips Slightly to Rs 577 Crore, Premium Income Surges

19 Oct 2023 , 11:34 AM

ICICI Lombard General Insurance reported a 2.2% decrease in net profit for Q2 FY24, down to Rs 577 crore from Rs 591 crore in the same quarter last year. Excluding the one-time impact of a tax provision reversal, the profit after tax increased by 19.2% during the first half of FY24 and 24.8% during Q2.

Gross direct premium income saw a substantial growth of 17.4%, reaching Rs 6,086 crore in the quarter compared to Rs 5,185 crore in the previous year’s corresponding period. The combined ratio improved, standing at 103.9% as opposed to 105.1% in the previous year. Excluding catastrophe losses of Rs 48 crore in the second quarter, the combined ratio was 102.8%.

The solvency ratio increased to 2.59 times as of September 30, 2023, from 2.53 times on June 30, 2023, surpassing the minimum regulatory requirement of 1.50 times. It was at 2.51 times on March 31, 2023.

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